BSC spin-off Mitiga Solutions raises €13 million to develop climate risk prediction technology

18 May 2023

The investment round, led by Spanish fund Kibo Ventures, was backed by Microsoft's Climate Innovation Fund, as well as Nationwide Ventures, Faber Ventures and CREAS Impacto.

The company uses artificial intelligence and high-performance computing to improve prevention, resilience and adaptability to climate change-related risks.

With this new round of funding, the spin-offs that have emerged from the BSC have raised capital injections of 23 million €, demonstrating the innovative activity and societal impact of the technologies developed at the centre.

Mitiga Solutions, a spin-off of the Barcelona Supercomputing Center – Centro Nacional de Supercomputación (BSC-CNS) that uses artificial intelligence (AI) and high-performance computing to develop technology that improves prevention, resilience and adaptive capacity to climate-related risks, has raised €13.25 million in an investment round led by the Spanish fund Kibo Ventures and in which Microsoft, through its Climate Innovation Fund, as well as Nationwide Ventures, Faber Ventures and CREAS Impacto have also participated.

Since its creation in 2005, the BSC has launched a total of 11 spin-offs, with 30 technologies transferred, more than 160 jobs created and 23 million euros raised in funding rounds in the last six years, including the 13 million raised now. These companies are based on the research and technology developed within the institution to offer cutting-edge services in fields as diverse as biomedicine, security, the aerospace and automotive industries and quantum computing.

Mitiga was officially founded in 2018 as a spin-off from the BSC. Since its founding, it has been involved in solving complex environmental problems, relying on disciplines such as artificial intelligence (AI), high-performance computing (HPC), geophysics and numerical weather prediction.

The company plans to invest part of the funds in improving its technologies specialized in predicting the risks of natural catastrophes such as fires, droughts, heat waves, volcano eruptions and rainfall, helping insurance, real estate, energy, and financial companies to understand and address the risks and uncertainties arising from climate change.

The BSC spin-off has received numerous awards, including "Best Startup in Barcelona" in 2017, "Best Startup in Catalonia" in 2019, one of "the 7 most investable ICT startups in Catalonia" in 2019, or "The best HPPC business prototype in the EU". It has also received more than 5 million euros in R&D awards.

Mitiga operates in Europe with a team of 30 people in Spain and the UK. Clients include insurance companies such as AXA Climate, Howden Group, Willis Tower Watson, asset managers and operators such as Group Suez, INDRA, Safran, governmental organizations such as EUROCONTROL, UNDP and non-profit organizations such as the Danish Red Cross.